Dog-themed Cryptocurrency Shiba Inu (SHIB)

Shiba Inu (SHIB) is at a critical point, facing potential decline if it drops below vital support, which could add another zero to its price.

As of now, SHIB has decreased by 6.44% in the last 24 hours, trading at $0.00001387 after hitting a low of $0.000013.

Data from IntoTheBlock indicates that SHIB is currently clinging to important support, with 77 trillion tokens purchased at an average price of $0.00001. If this level fails to hold, heightened selling pressure might further decrease the price.

The cryptocurrency is treading close to a key price floor of $0.000013, a level that provided strong support back in September 2024. Amid a broad market sell-off, SHIB is struggling to stay above this level, raising concerns about its short-term price direction.

Increased volatility and weak momentum in the broader crypto market could result in additional declines for Shiba Inu. For SHIB to avert further losses, bulls must protect this critical support and regain upward momentum.

Market Overview

On Monday, Shiba Inu dropped sharply, following the overall crypto market’s trajectory, with the trend continuing into early Tuesday. Bitcoin fell below $90,000, influenced by selling in equities, as the market awaits a bullish catalyst.

Other cryptocurrencies experienced even more severe declines, with total crypto market capitalization plummeting around 8%. CoinGlass statistics reveal that over $1.38 billion in bullish crypto positions were liquidated from futures markets within the last day.

In the upcoming days, traders will closely monitor SHIB’s price movements; a further decline may lead to an additional zero added to its value. Conversely, a break above the daily SMA 50 and 200 around $0.0000182 and $0.0000192 would signal bullish strength for SHIB.